SOURCE YOUR SINGLE SOURCE OF CIRILIUM INFORMATION 31 OCTOBER 2016 THIS DOCUMENT IS FOR USE WITH A FINANCIAL ADVISER ONLY

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1 SOURCE YOUR SINGLE SOURCE OF CIRILIUM INFORMATION 31 OCTOBER 2016 THIS DOCUMENT IS FOR USE WITH A FINANCIAL ADVISER ONLY

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3 Old Mutual Global Investors CIRILIUM REVIEW OCTOBER 2016 PAUL CRAIG PORTFOLIO MANAGER MARKET REVIEW The performance of global company shares in October proved a mixed bag in local-currency terms, although for sterling-based investors, many overseas markets ended the month markedly higher following a further slide in the value of the pound. US stocks dropped as investor anxiety rose ahead of the forthcoming US election. In the UK there was a sharp divergence between the share-price performance of large and smaller companies, as investors rewarded firms with overseas earnings and avoided those whose revenues are generated domestically, given the weakness in sterling. Meanwhile, in fixed-income markets, a rise in the yields on developedmarket government debt resulted in a decline in bond prices. Yields move inversely to prices. Again, for UK investors, the drop in the value of overseas bonds was offset by the fall in the pound. Investment activity was limited as we had completed much of our repositioning in prior months, and allowed fresh investor cash to accumulate, given recent strong performance in financial markets. Still, we did take the opportunity to top up our holdings in a few investment trusts where the discount, or gap between the value of their assets and their share price, had widened. In addition, we met with several new and existing managers, with a view to making fresh or further investments. The mood in the US was nervous ahead of the election. Renewed price fluctuations in the oil markets provide another reason for caution, while investors also continue to digest the latest policy statement from the Federal Reserve, which appeared to increase the likelihood of a rise in US interest rates in December. UK assets were back in focus, meanwhile, after the government s plans for Britain s exit from the EU were dealt a blow by a landmark legal ruling, and the Bank of England raised its forecasts for inflation, or rises in consumer prices. FUND PERFORMANCE October was another good month for the Cirilium active funds both in terms of their absolute performance and in terms of their performance against the peer group. Pleasingly, our diversified bond and company debt portfolios added value during the month despite a rise in yields, which move inversely to prices. Company shares, or equities, provided the strongest returns; within these markets it was our relatively large exposure to Asia and emerging markets that provided the greatest contributions to returns. The funds also benefited from good underlying stock selection. That said, it should be remembered that the decline in sterling proved one of the biggest drivers for financial assets during the month unless, of course, you were a UK stock picker with a bias for smaller companies, which suffered as investors took a downbeat view of the UK economy. It was a similar story for the passive funds, where performance was either in line or slightly ahead of the sector averages. The Old Mutual Cirilium Conservative Passive Fund was the exception, as it marginally underperformed its peer group as a result of a larger position in longerdated UK government bonds, which performed poorly. OUTLOOK Economic news is consistent with the view that US, and global growth generally, will prove stronger than the consensus expects over the next six to 12 months. Against this backdrop, we continue to prefer riskier assets such as shares, in favour of bond markets. We also acknowledge the risks to our outlook from the political sphere, the actions of central bankers, and high debt levels in some emerging markets. We believe there is also an increasing risk of a recession as companies find it harder to generate profits as the economic cycle matures. Consequently, we continue to adopt some cautious measures into our strategy. For example, we balance our risk assets with absolute return strategies, those strategies that aim to make sure investors returns are always positive. We also re-introduced a specialist trading tool as a means of hedging declining returns in the portfolios in the event of a stock market fall. In addition, we remained focused on our selection of core managers, and continue to favour those who have demonstrated a higher degree of consistency in returns for us. Within fixed income, we continue to avoid government bonds on account of exceptionally low yields relative to historic values and therefore believe the prospects for price appreciation are limited. Instead, we prefer corporate bonds and specialist credit funds. Again, the focus is very much on creditable managers and diversification.

4 Cirilium Multi-Asset Portfolios CIRILIUM BREAKDOWN OF HOLDINGS As at 31 October 2016 Manager Conservative Strategic Income Balanced Moderate EQUITIES GLOBAL MONKS BAILLIE GIFFORD MURRAY INTERNATIONAL ABERDEEN POLAR CAPITAL GLOBAL ALPHA POLAR TERRA CAPITAL TERRA CAPITAL WELLS FARGO GLOBAL EQUITY WELLS FARGO UK CAMBRIA AUTOMOBILES SELF-MANAGED DIVERSE INCOME TRUST MITON FIDELITY SPECIAL VALUES FIDELITY HANSA HANSA CAPITAL HENDERSON UK EQUITY INCOME HENDERSON MERCANTILE INVESTMENT TRUST JPMORGAN MITON UK VALUE OPPORTUNITIES MITON MONTANARO UK INCOME MONTANARO MONTANARO UK SMALLER MONTANARO NORTH ATLANTIC SMALLER JO HAMBRO OLD MUTUAL UK ALPHA OLD MUTUAL OLD MUTUAL WOODFORD EQUITY INCOME WOODFORD OM EQUITY 2 (INVESTEC) INVESTEC WOODFORD EQUITY INCOME WOODFORD EUROPE MITON EUROPEAN OPPORTUNITIES MITON MONTANARO EUROPEAN INCOME MONTANARO MONTANARO EUROPEAN MID-CAP MONTANARO OLD MUTUAL EUROPE EX UK SMALLER COMPANIES OLD MUTUAL OLD MUTUAL HENDERSON EUROPEAN FUND HENDERSON US MIDDLEFIELD CANADIAN INCOME MIDDLEFIELD MITON US OPPORTUNITIES MITON WELLS FARGO US SELECT EQUITY WELLS FARGO JAPAN BAILLIE GIFFORD JAPANESE INCOME GROWTH BAILLIE GIFFORD NEPTUNE JAPAN NEPTUNE ASIA EDINBURGH DRAGON ABERDEEN OCEAN DIAL GATEWAY TO INDIA OCEAN DIAL OM ASIAN EQUITY (OMGI) OLD MUTUAL EMERGING MARKETS FIDELITY CHINA SPECIAL SITUATIONS BLACKROCK POLAR CAPITAL EMERGING GROWTH POLAR CAPITAL TEMPLETON EMERGING TEMPLETON WELLS FARGO EM EQUITY INCOME WELLS FARGO Dynamic Continued overleaf

5 Old Mutual Global Investors CIRILIUM BREAKDOWN OF HOLDINGS As at 31 October 2016 Manager Conservative Strategic Income Balanced Moderate Dynamic EQUITIES (CONT D) SPECIALIST EQUITY BLACKROCK NEW ENERGY BLACKROCK GOLDEN PROSPECT NEW CITY INVISTA EUROPEAN REAL ESTATE 9 INVISTA REAL ESTATE PERSHING SQUARE HOLDINGS PERSHING SQUARE POLAR CAPITAL FINANCIALS INCOME POLAR CAPITAL POLAR CAPITAL TECHNOLOGY POLAR CAPITAL QUORUM OIL & GAS TECH FUND QUORUM ALTERNATIVES HEDGE IPM SYSTEMATIC MACRO IPM MELCHIOR EUROPEAN ENHANCED ABSOLUTE RETURN DALTON STRATEGIC MYGALE EVENT DRIVEN MYGALE OLD MUTUAL UK SPECIALIST OLD MUTUAL PRIVATE EQUITY ABERDEEN PRIVATE EQUITY ABERDEEN EUROVESTEC SELF-MANAGED GRAPHITE ENTERPRISE GRAPHITE HARBOURVEST GLOBAL PRIVATE EQUITY HARBOURVEST PANTHEON INTERNATIONAL PANTHEON PANTHEON INTERNATIONAL RED PANTHEON RIVERSTONE ENERGY RIVERSTONE STANDARD LIFE EURO PRIVATE EQUITY STANDARD LIFE SVG CAPITAL SVG CAPITAL PROPERTY EDISTON PROPERTY EDISTON INFRASTRUCTURE INDIA PLC IIP NORTH ROW LIQUID PROPERTY FUND BROOKS MACDONALD RAVEN RUSSIA SELF-MANAGED RAVEN RUSSIA SELF-MANAGED REAL ESTATE INVESTORS SELF-MANAGED CASH & FIXED INTEREST CASH DEUTSCHE CASH FUND SELF-MANAGED GBP CASH CASH USD CASH CASH GLOBAL FIXED INTEREST ALCENTRA EUROPEAN FLOATING RATE INC ALCENTRA BLACKSTONE GSO LOAN FINANCING BLACKSTONE Continued overleaf

6 Cirilium Multi-Asset Portfolios CIRILIUM BREAKDOWN OF HOLDINGS As at 31 October 2016 GLOBAL FIXED INTEREST (CONT D) Manager Conservative Strategic Income Balanced Moderate CARADOR BLACKSTONE CATCO REINSURANCE OPPORTUNITIES CATCO CATCO REINSURANCE OPPORTUNITIES CATCO CVC EUROPEAN CREDIT OPPORTUNITIES CVC DW CREDIT CATALYSTS BREVAN HOWARD FAIR OAKS INCOME FUND FAIR OAKS JPMORGAN CONVERTIBLES INCOME JPMORGAN NB DISTRESSED DEBT NEUBERGER BERMAN OLD MUTUAL GLOBAL STRATEGIC BOND OLD MUTUAL OM LOCAL CURRENCY EMD OLD MUTUAL PIMCO INCOME PIMCO WELLS FARGO SHORT-TERM HIGH YIELD WELLS FARGO WELLS FARGO US HIGH YIELD WELLS FARGO UK FIXED INTEREST BARCLAYS BANK SELF-MANAGED BROOKS GROUND RENT INCOME FUND BROOKS MACDONALD GROUND RENT-CW22 BROOKS MACDONALD HENDERSON STRATEGIC BOND ACC HENDERSON HONEYCOMB INVESTMENT TRUST HONEYCOMB OLD MUTUAL ABSOLUTE RETURN GOVERNMENT BOND FUND Dynamic OLD MUTUAL OM BOND 1 (TWENTY FOUR) TWENTY-FOUR OM BOND 2 (FIDELITY) FIDELITY OM BOND 3 (DU PONT) DU PONT RAVEN RUSSIAN 12 PREF SELF-MANAGED SEQUOIA ECONOMIC INFRASTRUCTURE SEQUOIA SEQUOIA ECONOMIC INFRASTRUCTURE SEQUOIA SQN ASSET FINANCE INCOME SQN UK MORTGAGES LTD (TWENTY FOUR) TWENTY-FOUR VPC SPECIALTY LENDING INVESTMENTS VICTORY PARK CAPITAL TOTAL Please note due to rounding of figures they might not add up to 100.

7 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM CONSERVATIVE FUND R CLASS GBP ACCUMULATION 31 OCTOBER 2016 FUND OBJECTIVE To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be conservative in that it will be broadly diversified across asset classes, but with a maximum exposure of 30 to equities. PAUL CRAIG FUND MANAGER SINCE MAR 2012 FUND SIZE: 247.0m PERFORMANCE (SINCE INCEPTION) CUMULATIVE PERFORMANCE 1 month 3 month 6 month 1Y 3Y 5Y Since Inception Fund DISCRETE PERIOD PERFORMANCE 2016 YTD Since Inception Fund Past performance is not a guide to future performance. Source: Factset. Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 31/10/2016 unless otherwise stated. TOP FIVE HOLDINGS EQUITIES MITON UK VALUE OPPORTUNITIES MITON US OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) WELLS FARGO EM EQUITY INCOME ALTERNATIVES CATCO REINSURANCE OPPORTUNITIES FAIR OAKS INCOME FUND HONEYCOMB INVESTMENT TRUST NEXTENERGY SOLAR STARWOOD EUROPEAN REAL ESTATE FIN. CASH AND FIXED INTEREST OLD MUTUAL GLOBAL STRATEGIC BOND OM BOND 1 (TWENTY FOUR) OM LOCAL CURRENCY EMD WELLS FARGO SHORT-TERM HIGH YIELD WELLS FARGO US HIGH YIELD TOTAL HOLDINGS 20 TOTAL HOLDINGS 21 TOTAL HOLDINGS 16 CURRENT ASSET ALLOCATION EQUITIES UK 4.09 GLOBAL 3.64 US 2.91 EUROPE 2.89 JAPAN 2.38 ASIA 1.94 EMERGING MARKETS 1.81 OTHER 1.52 SPECIALIST EQUITY 0.92 ALTERNATIVES GLOBAL FIXED INTEREST 5.24 UK FIXED INTEREST 3.13 OTHER 3.07 HEDGE 2.85 PROPERTY 1.57 PRIVATE EQUITY 1.50 CASH AND FIXED INTEREST CASH HIGH YIELD FLEXIBLE 9.15 OTHER 5.77 ABS 4.15 EMDL 3.84 UK BONDS 3.61 SPECIALIST CREDIT 3.40 ABSOLUTE RETURN 1.79 CONVERTIBLES 0.66 TOTAL TOTAL TOTAL Please note due to rounding of figures they may not add up to 100..

8 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM BALANCED FUND R CLASS GBP ACCUMULATION 31 OCTOBER 2016 FUND OBJECTIVE To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be cautious in that it will be broadly diversified across asset classes, but with a maximum exposure of 60 to equities. PAUL CRAIG FUND MANAGER SINCE JUN 2008 FUND SIZE: 1,292.5m PERFORMANCE (FIVE YEAR) CUMULATIVE PERFORMANCE 1 month 3 month 6 month 1Y 3Y 5Y Since Inception Fund DISCRETE PERIOD PERFORMANCE 2016 YTD Since Inception Fund Past performance is not a guide to future performance. Source: Factset. Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 31/10/2016 unless otherwise stated. TOP FIVE HOLDINGS EQUITIES MITON US OPPORTUNITIES MONTANARO UK INCOME NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) WELLS FARGO EM EQUITY INCOME ALTERNATIVES FAIR OAKS INCOME FUND HONEYCOMB INVESTMENT TRUST MELCHIOR EUROPEAN ENHANCED ABSOLUTE RETURN MYGALE EVENT DRIVEN STARWOOD EUROPEAN REAL ESTATE FIN. CASH AND FIXED INTEREST FAIR OAKS DYNAMIC CREDIT OM BOND 3 (DU PONT) OM LOCAL CURRENCY EMD WELLS FARGO SHORT-TERM HIGH YIELD WELLS FARGO US HIGH YIELD TOTAL HOLDINGS 37 TOTAL HOLDINGS 29 TOTAL HOLDINGS 17 CURRENT ASSET ALLOCATION EQUITIES UK 8.96 EUROPE 6.87 GLOBAL 6.50 JAPAN 5.38 US 5.07 ASIA 4.17 EMERGING MARKETS 3.82 SPECIALIST EQUITY 2.86 OTHER 2.69 PROPERTY 0.06 ALTERNATIVES UK FIXED INTEREST 5.62 HEDGE 5.13 GLOBAL FIXED INTEREST 4.58 PRIVATE EQUITY 3.27 PROPERTY 2.06 OTHER 1.30 CASH AND FIXED INTEREST HIGH YIELD 7.94 SPECIALIST CREDIT 5.12 CASH 4.33 OTHER 4.10 EMDL 2.96 FLEXIBLE 2.59 UK BONDS 2.15 ABS 1.85 CONVERTIBLES 0.57 TOTAL TOTAL TOTAL Please note due to rounding of figures they may not add up to 100..

9 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM MODERATE FUND R CLASS GBP ACCUMULATION 31 OCTOBER 2016 FUND OBJECTIVE To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be moderate in that it will be broadly diversified across asset classes, but with a maximum exposure of 80 to equities. PAUL CRAIG FUND MANAGER SINCE JUN 2008 FUND SIZE: 1,386.0m PERFORMANCE (FIVE YEAR) CUMULATIVE PERFORMANCE 1 month 3 month 6 month 1Y 3Y 5Y Since Inception Fund DISCRETE PERIOD PERFORMANCE 2016 YTD Since Inception Fund Past performance is not a guide to future performance. Source: Factset. Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 31/10/2016 unless otherwise stated. TOP FIVE HOLDINGS EQUITIES MITON UK VALUE OPPORTUNITIES MITON US OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) WELLS FARGO EM EQUITY INCOME ALTERNATIVES CATCO REINSURANCE OPPORTUNITIES HARBOURVEST GLOBAL PRIVATE EQUITY MYGALE EVENT DRIVEN RIVERSTONE ENERGY SVG CAPITAL CASH AND FIXED INTEREST FAIR OAKS DYNAMIC CREDIT OM BOND 1 (TWENTY FOUR) OM LOCAL CURRENCY EMD WELLS FARGO SHORT-TERM HIGH YIELD WELLS FARGO US HIGH YIELD TOTAL HOLDINGS 37 TOTAL HOLDINGS 26 TOTAL HOLDINGS 6 CURRENT ASSET ALLOCATION EQUITIES UK EUROPE JAPAN 8.43 EMERGING MARKETS 7.67 ASIA 6.04 US 6.00 GLOBAL 4.85 SPECIALIST EQUITY 4.54 OTHER 2.05 PROPERTY 0.09 ALTERNATIVES PRIVATE EQUITY HEDGE 5.62 GLOBAL FIXED INTEREST 3.73 UK FIXED INTEREST 2.71 PROPERTY 0.92 OTHER 0.80 CASH AND FIXED INTEREST HIGH YIELD 4.02 ABS 2.25 OTHER 2.12 EMDL 2.01 CASH 1.92 SPECIALIST CREDIT 0.23 TOTAL TOTAL TOTAL Please note due to rounding of figures they may not add up to 100..

10 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM DYNAMIC FUND R CLASS GBP ACCUMULATION 31 OCTOBER 2016 FUND OBJECTIVE To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be diversified across asset classes, but with a maximum exposure of 90 to equities. PAUL CRAIG FUND MANAGER SINCE JUN 2008 FUND SIZE: 1,058.2m PERFORMANCE (FIVE YEAR) CUMULATIVE PERFORMANCE 1 month 3 month 6 month 1Y 3Y 5Y Since Inception Fund DISCRETE PERIOD PERFORMANCE 2016 YTD Since Inception Fund Past performance is not a guide to future performance. Source: Factset. Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 31/10/2016 unless otherwise stated. TOP FIVE HOLDINGS EQUITIES MITON US OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) OM EUROPE (EX UK) SMALLER COMP. U2 WELLS FARGO EM EQUITY INCOME ALTERNATIVES CATCO REINSURANCE OPPORTUNITIES HARBOURVEST GLOBAL PRIVATE EQUITY MYGALE EVENT DRIVEN RIVERSTONE ENERGY SVG CAPITAL CASH AND FIXED INTEREST NB DISTRESSED DEBT OM BOND 1 (TWENTY FOUR) WELLS FARGO SHORT-TERM HIGH YIELD WELLS FARGO US HIGH YIELD TOTAL HOLDINGS 41 TOTAL HOLDINGS 19 TOTAL HOLDINGS 4 CURRENT ASSET ALLOCATION EQUITIES UK EUROPE JAPAN 9.37 EMERGING MARKETS 9.04 GLOBAL 7.14 US 5.97 ASIA 5.81 SPECIALIST EQUITY 4.57 OTHER 2.02 PROPERTY 0.05 ALTERNATIVES PRIVATE EQUITY HEDGE 5.46 GLOBAL FIXED INTEREST 2.37 UK FIXED INTEREST 1.28 PROPERTY 1.11 CASH AND FIXED INTEREST HIGH YIELD 2.92 CASH 1.40 OTHER 1.33 ABS 0.88 SPECIALIST CREDIT 0.15 TOTAL TOTAL TOTAL 6.68 Please note due to rounding of figures they may not add up to 100..

11 SOURCE Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rates may cause the value of overseas investments to rise or fall. The Old Mutual Cirilium Multi-asset portfolios are managed by Old Mutual Investment Management Limited. Old Mutual Investment Management Limited replaced Intrinsic Cirilium Investment Company Limited as the Authorised Corporate Director of the Fund on 1 December This communication is issued by Old Mutual Global Investors (UK) Limited (trading name Old Mutual Global Investors), a member of the Old Mutual Group. Old Mutual Global Investors is registered in England and Wales under number and its registered office is 2 Lambeth Hill London EC4P 4WR. Old Mutual Global Investors is authorised and regulated by the UK Financial Conduct Authority ( FCA ) with FCA register number and is owned by Old Mutual Plc, a public limited company limited by shares, incorporated in England and Wales under registered number This communication has been prepared for general information only. It does not purport to be all-inclusive or contain all of the information which a proposed investor may require in order to make a decision as to whether to invest in the Fund. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient s individual circumstances or otherwise constitutes a personal recommendation. No investment decisions should be made without first reviewing the prospectus and the simplified prospectus of the Fund which can be obtained from OMGI 11_16_0149